Probate

Probate

People are often scared of probate; however, they are usually not even sure
exactly what it entails. Probate is the process of admitting a decedent’s will
to court in order to receive legal documents known as “letters
testamentary.”Letters testamentary give you the authority to act as executor of
will (if you were named executor in the will). As executor, you are in charge of
administrative tasks, such as collecting and distributing assets and paying
debts:

People avoid probate because they think it will make them lose money.
But in fact, you can save money by paying an executor pay.

Usually the process only takes a long time because of litigations,
complications, or wieldy professionals.

A living trust is a contract (often a revocable trust, which means you
can change it at any time,) in which you can place all your assets, except
for pension and retirement funds, into one trust.

Living trusts do not actually save money but they do save time and
energy by consolidating and simplifying all your assets.

Creative planning and living trusts:

Picking how to distribute assets. For example, if you have a
family business, and a child from a previous marriage works there,
make sure to put the business in their trust.

Consider having two living trusts, one for yourself, and one for
your spouse, in case of complications.

The above is a summary of a segment of the show Simon Says: Manage Your
Money, sponsored by Simon Financial Group, with guest Martin M. Shenkman, Esq.
an estate planner in Paramus, New Jersey. Watch the video clip of this segment
on www.laweasy.com for more financial
tips.

Disclaimer:

Law Made Easy Press® provides practical and legal, tax, estate and financial
information for educational purposes only. The goal is to help you best work
with your professionals to save costs, and to obtain better service and results
as an informed consumer. There is no assurance that the laws or sample
documents are current, that the forms will achieve the desired goal in all
circumstances. Laws change frequently and vary from location. Therefore, you
should always consult with a local attorney, accountant, or other expert.

Our Consumer Webcasts and Blogs

Subscribe to our email list to receive information on consumer webcasts and blogs, for practical legal information in simple English, delivered to your inbox. For more professional driven information, please visit Shenkman Law to subscribe.

Email

Ad Space

Law Made Easy Press, LLC • P.O. Box 1130 • Fort Lee, New Jersey 07024

Notice and Disclaimer
This site might constitute attorney advertising under 22 NYCRR 1200. This site is for educational purposes only and no visitor should make any decision or take any action without conferring with an attorney and other appropriate advisers in his or her state. No attorney client relationship is established by your use of this site.